As Phil Nickinson exclaims, “Your mobile device has quickly become the easiest portal into your digital self.” Mobile applications are the hottest trends today. You are spending much effort & time on it. But what happens once it's finished? How do you know whether it's working or if you're optimizing for your users correctly?
The short answer is that you define KPIs and then track them using an analytics tool. You won't be able to measure ROI, know what to do if your app isn't effective, or know where to spend your efforts if you need analytics.
In this MarsDevs blog, we aim to help you identify the metrics you should measure to ensure your mobile app is optimized!
Mobile app analytics is a mechanism for tracking and evaluating user activity on a mobile app. The app's developer or publisher may apply mobile app analytics software to improve or assess their product.
An effective mobile application analytics tool will allow users to measure how many people have downloaded the mobile app, where they are located, how frequently they use it, which features are liked and disliked the most, what advertising they click on, and what encourages them to purchase.
App developers use the analytics data to alter and improve their apps. It might involve introducing new features to current features depending on user preferences.
An efficient mobile app analytics approach can help app publishers determine which elements of an application require development, what is functioning effectively, and how to best market the application via different portals like social media campaigns, digital advertising, etc.
The mobile app analytics platform is a powerful tool that has the potential to revolutionize your company environment. But what are they necessary? As Mitch Lowe says, “Use analytics to make decisions. I often assume you may require a precise answer before deciding, and he taught me to use analytics directionally and never worry whether they are 100% sure. Just try to get them to point you in the right direction.”
With mobile app metrics, businesses can know whether their applications are working or failing. Without specific data, businesses must rely on broad measures such as total revenue or downloads. These high-level signs might mask the reality that the program is losing money or customers quicker than it is gaining them.
Companies can identify and address these issues using app metrics. Use an app analytics software to track the stats of your mobile app. This program collects user data whenever they perform activities such as logins or purchases and summarizes it on a dashboard.
It enables app developers to ask more questions, test theories, and make better product and marketing decisions. While there are several metrics to monitor, it is advisable to concentrate on the 4 to 5 key performance indicators (KPIs) that are most directly related to the goals of your app.
Choosing the correct Key Performance Indicators (KPIs) is critical for several reasons:
Alignment with business objectives - KPIs should be related to the strategic goals and objectives of the enterprise. By picking the proper KPIs, businesses can ensure that their efforts and resources are focused on monitoring and improving the elements that genuinely matter for success.
Measuring relevant metrics - By selecting the correct KPIs, firms can gauge the most important indicators that indicate performance and advancement in crucial areas.
Performance assessment and benchmarking - Key performance indicators (KPIs) serve as standards for assessing performance over time. They give a tangible measure of progress and allow firms to compare their performance to predefined objectives or industry standards.
Prioritization and concentration - A compact collection of well-defined KPIs allows firms to concentrate their attention and resources on the most critical parts of their business.
Accountability and communication - KPIs are used to communicate inside a company. Businesses may guarantee that everyone knows what is being measured and why it is essential by choosing and clearly defining KPIs.
So, which KPIs to choose? When it comes to monitoring development and performance, three types of Key Performance Indicators (KPIs) are commonly utilized in a growth-driven approach:
These KPIs are designed to assess the efficacy of your app's user acquisition activities. They give information on how many people find and download your app. It ranges from app downloads, Cost per Acquisition (CPA), conversions, and more.
These KPIs are concerned with determining user engagement and the success of your application in providing value to users. They assist you in determining how effectively your app performs regarding user onboarding, retention, and general engagement. Some of them include Session Duration, Retention Rate, and others.
These KPIs measure your app's financial performance and revenue generation. They assist you in understanding the efficacy of your monetization techniques as well as the overall profitability of your app. Some common ones include Conversion Rate, Lifetime Value (LTV), and Ad revenues.
Several mobile app performance indicators are useful, but we have compiled a list of the top ones that all app developers should know. Many of these are indications of user involvement and can be used to anticipate user retention, acquisition, and revenue.
Downloads are one of the most important mobile app KPIs to track. It's one of the simplest methods to measure the effectiveness of your mobile app marketing activities.
For an app to be truly successful, people must do more than merely install it on their smartphones. That is why retention is so important. User retention is the number of users who return to your app after their initial session.
Your app store rating is a quick and easy way to learn what existing customers think of your app. If your rating is high, this measure might be a significant part of your mobile app marketing plan.
The number of daily sessions per DAU indicates how frequently your users log into your app daily. As with a media publisher or social media app, more sessions are occasionally preferable, but this is only sometimes the case.
Customer lifetime value (LTV, also known as CLV) is a measurement of how much each user is worth to you over their customer lifetime. It is calculated by multiplying the revenue they earn for you in a given period (directly via in-app purchases or indirectly through advertising) by their lifetime use.
ROI is typically measured for certain marketing activities, such as paid advertising when there is a direct and demonstrable return.
The churn rate is the percentage of users that depart your app completely. All churning users are not created equal. Losing low-value users is worse than losing highly engaged everyday users. If your app's high-value users leave, it's a sign of a bigger problem that must be addressed now.
Even seasoned analysts need help making sense of the vast volumes of data mobile apps provide. Using artificial intelligence for mobile app analytics aids in the resolution of many typical data analysis issues.
It accomplishes this by monitoring and comprehending user behavior, finding trends, and making suggestions to improve the consumer experience. It can lessen an analyst's work and free up crucial time for high-level strategic matters.
Mobile app metrics will be essential as long as you have an app. However, don’t forget about your website too. If you have both of these in your digital ecosystem, it should be fostered and maximized equally to generate user engagement and company success.
At MarsDevs, we can help you track key metrics and provide real-time insight, harnessing the power of AI. So, why not check us out?
Contact us; we will be your mobile app analytics guide at every step!
Mobile app analytics is essential for tracking performance and optimizing your product. It is critical information about how your consumers engage with your product. With it, you will know if your app is running or what features they like.
A mobile analytics tool can show you how your app is being used and what features or functionalities it requires.
Mobile app KPIs (key performance indicators) track the success of a mobile app throughout time, beginning with development and progressing to revenue generated by the finished product.